The global vegan cheese market size is expected to reach USD 2.66 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 12.8% from 2020 to 2027. Expanding acceptance of veganism and “Flexitarianism” among the millennial consumers has been fueling the demand for the product. Rising awareness regarding the harmful impacts of the dairy industry on the environment and animals has persuaded consumers to opt for dairy-free products. Moreover, growing health awareness among the lactose intolerant people is another key driver in the industry.
Mozzarella dominated the market with more than 30.0% share of the global revenue in 2019. Extensive application of the product in various Italian foods, including pizzas, pasta, croquettes, risotto, lasagna, and Caprese, has surged the demand for the product. The ricotta product category is projected to expand at the fastest CAGR over the forecast period due to the increasing use of the product in various recipes.
In terms of end-use, the household segment led the market and held over 50.0% share of the global revenue in 2019. Rising purchasing power and willingness to spend on quality food products have expanded the demand for the product in the household sector. The foodservice segment is anticipated to witness the fastest growth during the forecast period. An increasing number of restaurants, fast-food chains, and cafes, are including plant-based items in their menus, which is fueling the demand for the product in the foodservice sector. Increasing use of the product in several pizza chains, such as Pizza Express and Koti Pizza, has boosted the segment growth across the globe.
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New players have been entering the market to tap the growing demand for the product. For instance, in 2019, Pleese Foods, a U.S.-based plant-based cheese producer, entered the industry with a range of products available in various forms and flavors.
Vegan Cheese Market Report Highlights
· Asia Pacific is projected to witness the fastest growth with a CAGR of 14.3% from 2020 to 2027 owing to rising adoption of plant-based food in China, Japan, and Australia
· The household end-use segment dominated the market by accounting for over 50.0% share of the global revenue in 2019
· In terms of source, the cashew segment held the largest share of more than 35.0% in 2019
· The mozzarella product segment led the market and accounted for more than 30.0% share of the total revenue in 2019 due to its extensive application in various food recipes.